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Wearable Solar Technology Market - Forecast(2024 - 2030)
Wearable Solar Technology Market Overview
The Global Wearable
Solar Technology market size is
forecast to reach $158 million by 2026, growing at a CAGR of 15.1% from 2021
to 2026. Growing demand towards compact sized or lightweight portable
electronics and thin film devices have been eventually attributing to the
growth of wearable solar technology market. Increasing demand for low power
consumption and extended lifetime operation devices have been also creating a
positive impact on the need for photovoltaic cells, impacting the adoption of
solar powered wearables. In addition, high investments or initiatives towards
solar power generation projects both from government and power generation
industries along with increasing demand for smart wearables including smart
watches, fitness trackers and many others due to growing health and lifestyle
concerns can also propel the need for leveraging solar power as a substitute of
offering charging or discharging application areas. Since solar technology is
in abundance along with being environment friendly, focusing on innovating wearables
like smart watches, smart glasses and many others leveraging solar cells,
panels and others will also influence the need for wearable solar technology in
the coming time. Furthermore, government initiatives or
regulations towards promoting solar technology usage and research works on clothing or textiles
harnessing solar energy will further drive the market forward in the long run.
Report Coverage
The
report: “Wearable Solar Technology Industry
Outlook – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis
of the following segments of the Wearable Solar Technology industry.
By Component: Solar Cell, Supercapacitors,
Solar Panels, Sensors, Others.
By Application: Smart watches, Headsets,
Fitness Trackers, Smart Glasses, Smart Clothes & Fabrics, Footwear, Others.
By End Users: Medical & Healthcare, Consumer
Electronics, Textiles, Others.
By Geography: North America (U.S, Canada,
Mexico), Europe (U.K, Germany, Italy, France, Spain, Others), APAC (China, Japan,
South Korea, India, Australia, Others), South America (Brazil, Argentina, Others),
RoW (Middle East, Africa).
Key Takeaways
- Smart Watches segment is anticipated to grow with the highest CAGR during 2021-2026, attributing to high investments on R&D activities.
- APAC is analyzed to account for the fastest growing region during the forecast period 2021-2026, due to government spending on solar power generation projects, penetration of portable electronic devices and others.
- Government initiatives or regulations towards promoting use of solar technology along with rise in research works harnessing solar energy within clothing or textile industry is analyzed to drive the market growth of wearable solar technology during the forecast period.
Global Wearable Solar Technology Market Value Share, By Region, 2020 (%)
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Wearable
Solar Technology Market Segment Analysis - By Component
Based on component segmentation, Solar Cells segment
is analyzed to grow with the highest CAGR of 7.5% in the global Wearable Solar Technology
market during the forecast period 2021-2026. As photovoltaic devices have emerged as an ideal
alternative due to high-power stability, mechanical robustness and related
benefits over other energy sources, need for solar cells for wearable device
applications areas is also impacted significantly. Conventional silicon based solar
cells have been already in use over years due to its easy integration with
wearable devices or products and have gained wide popularity. Trends towards
growing demand for small, lightweight and energy efficient wearables at affordable
prices have been driving the need for making thinner device designs to be
integrated with miniaturized components having service longevity, driving its
market growth overtime. In April 2020, Researchers
had revealed about the development of a flexible solar cell with ten times
thinner (i.e. 0.3 micro meters) compared to human hair, making it an ideal fit
for future wearable technology. Implementing such components for wearable
devices will help them running over a long time with minimal degradation, thus analyzed
to drive its market growth in the long run.
Wearable Solar Technology Market Segment Analysis - By Application
Smart
Watches is analyzed to account for the highest CAGR of around 8.3% in the
global Wearable Solar Technology market during 2021-2026. With technological
advances in the consumer electronics sector along with growing concerns over health
and fitness, smart watches have gained wide popularity overtime. Since solar
powered smart watches can be charged easily with need for changing battery less
frequently, making it a better alternative over traditional smart watches.
Additionally, smart watches leveraging solar technology are more energy
efficient due to higher service longevity or battery life with power
preservation capabilities. This helps consumers to save additional costs on
replacement from time to time, thereby creating a positive impact on its market
growth. In July 2020, Garmin announced about the launch of solar powered smart
watches named Fenix 6 Pro Solar and Fenix 6S Pro Solar, as a part
of addition to its Fenix product line. Incorporated with power glass solar
charging lens over the dials, these smart watches can get a battery life bump
upto 10 and half or 14 days respectively. Such factors will further attribute
towards its higher adoption in the coming time.
Wearable Solar Technology Market Segment Analysis - Geography
APAC region is analyzed to grow with the largest CAGR of around 6.8% in the global Wearable Solar Technology market during the forecast period 2021-2026. Factors such as growing investments towards solar energy generation along with rising penetration of portable electronics like smart watches, fitness trackers and so on have been attributing towards the market growth of wearable solar technology in the region. In addition, surge of COVID-19 pandemic has also fuelled the need for portable healthcare devices to keep a regular check on daily activities be it pulse meters, oximeters and others. Increasing towards leveraging renewable sources like solar energy within industries, rising demand for less power consuming wearables with governmental support towards encouraging solar energy use will also help in boosting the growth of wearable solar technology in the long run. In April 2021, Government of India had revealed about its allocation of INR 4500 crore (around USD 60.47) for the National Programme on High efficiency Solar Photo Voltaic modules over the coming five years. This scheme was implemented to incentivize Gigawatt (GW) scale solar manufacturing in India towards domestically building up scale and size of manufacturing in solar power sector, which is set to create new opportunities in the wearable solar technology markets.
Wearable Solar Technology Market Drivers
Government initiatives or regulations towards promoting use of solar technology:
Government
initiatives or regulations towards promoting use of solar technology act as a
major driver boosting the market growth of wearable solar technology. Government
have been highly focusing on implementing regulations towards reducing carbon
emissions along with promoting favourable incentives or schemes towards
encouraging the shift of end use sectors towards solar based devices. In
December 2019, the Indian Government had revealed about its plans regarding
installation of 100 GW of solar energy capacity by the end of 2022. As per this
initiative, solar projects commissioned under this period will be exempted from
Inter State Transmission System Charges along with 100% of foreign direct
investment (FDI). Such projects towards increasing solar capacity will further
help in creating a transition from traditional power consuming devices to solar
powered wearable/devices due to various benefits like extended battery life,
less replacement costs, and others in the long run.
Increasing
number of researches works on clothing or textiles harnessing solar energy drives the market forward:
Increasing number of research works on clothing or
textiles harnessing solar energy is analyzed to be one of
the major drivers in the growth of wearable solar technology market. With
changing consumer preferences and maintaining innovations in textile industry, various
vendors have been focusing on developing wearable products leveraging solar
technology. Research works related to photovoltaic solar cells, solar modules,
and many others have grown significantly to drive the need for portable
charging of devices of the users. Trends like changing colour of footwear or
clothing apparels when exposed to sunlight have gained wide popularity in the
consumer markets, thus driving the need towards solar powered components. In
October 2020, Researchers at the Swiss Federal Laboratories for Materials
Science and Technology (EMPA) announced about its development of an energy
harvesting textile to be used for harvesting solar power. This helped in
addition of two different luminescent materials which
can turn into a flexible solar concentrator, and can be applied to textile
fibres, eliminating brittle & cracking related issues, thereby aiding its
market growth in clothing or apparel manufacturing during the forecast period.
Wearable Solar Technology Market Challenges
High Costs:
High costs act as one of the major factors restraining the growth of
wearable solar technology market. Even though solar energy is abundant in
nature, the costs related to its extraction or harnessing makes it
comparatively expensive than traditional powered electricity models. Manufacturing
and designing complexities related to components like solar chipsets or
modules, solar cells and many others further add to the overall costs of the
market vendors. This creates the need for skilled professionals to avoid
designing defects which can contribute towards improper functioning of the
integrated devices. Such factors
eventually increase the pricing structure of solar power consuming wearables,
thus adversely impacting its market growth.
Wearable Solar Technology Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Wearable Solar Technology market. The key players in the Wearable Solar Technology market include e5Solar, BirkSun, Voltaic Systems, Garmin Ltd., ECEEN, Tommy Hilfiger Licensing LLC, Fossil Group Inc., SolarGoPack, Fraunhofer-Gesellschaft and Misfit among others.
Acquisitions/Technology Launches/Partnerships
- In April 2021,
Fossil announced about the launch of a limited-edition Solar Watch, named World-Timer, which incorporates
solar-powered movement with a rechargeable battery.
- In May 2020, Garmin announced about the launch of quatix 6X Solar, as a part of addition to its marine GPS smart watch product series. This smart watch is featured with a transparent solar charging display, making it capable of utilizing sun’s energy to extend battery life.